HEMAJO: what changed
HEMAJO
Largest movements
- Receivables within one year +€158,475
up €158,475 (+43.8%), from €361,728 to €520,203
of which Other amounts receivable: +€116,105
- Tangible fixed assets -€37,178
down €37,178 (-24.1%), from €153,977 to €116,800
of which Other tangible fixed assets: -€37,929
- Cash +€14,565
up €14,565 (+41.5%), from €35,098 to €49,663
mainly Net result for the year (+€83,256) and Depreciation (+€57,489)
- Profit (loss) carried forward +€83,256
up €83,256 (+90.6%), from -€91,919 to -€8,663
- Tax, wage and social debts +€41,641
up €41,641 (+31.9%), from €130,399 to €172,040
of which Taxes: +€29,063
- Trade debts +€12,963
up €12,963 (+2.4%), from €550,113 to €563,077
- Gross operating margin +€189,753
up €189,753 (+41.1%), from €462,163 to €651,917
- Depreciation -€116,038
down €116,038 (-66.9%), from €173,527 to €57,489
- Staff costs +€71,738
up €71,738 (+17.3%), from €415,601 to €487,340
- Taxes +€24,792
up €24,792 (+3,708%), from €669 to €25,461
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €608,998 | €746,858 | +€137,860 | +22.6% |
| Fixed assets | 21/28 | €153,977 | €116,800 | -€37,178 | -24.1% |
| Tangible fixed assets | 22/27 | €153,977 | €116,800 | -€37,178 | -24.1% |
| Plant, machinery and equipment | 23 | €27,819 | €30,290 | +€2,471 | +8.9% |
| Furniture and vehicles | 24 | €11,339 | €9,620 | -€1,719 | -15.2% |
| Other tangible fixed assets | 26 | €114,819 | €76,890 | -€37,929 | -33.0% |
| Current assets | 29/58 | €455,021 | €630,058 | +€175,038 | +38.5% |
| Stocks and contracts in progress | 3 | €58,195 | €60,193 | +€1,998 | +3.4% |
| Stocks | 30/36 | €58,195 | €60,193 | +€1,998 | +3.4% |
| Amounts receivable within one year | 40/41 | €361,728 | €520,203 | +€158,475 | +43.8% |
| Trade receivables | 40 | €22,326 | €64,696 | +€42,370 | +190% |
| Other amounts receivable | 41 | €339,402 | €455,507 | +€116,105 | +34.2% |
| Cash at bank and in hand | 54/58 | €35,098 | €49,663 | +€14,565 | +41.5% |
| Total equity and liabilities | 10/49 | €608,998 | €746,858 | +€137,860 | +22.6% |
| Equity | 10/15 | -€71,514 | €11,742 | +€83,256 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,919 | -€8,663 | +€83,256 | +90.6% |
| Amounts payable | 17/49 | €680,512 | €735,116 | +€54,604 | +8.0% |
| Amounts payable within one year | 42/48 | €680,512 | €735,116 | +€54,604 | +8.0% |
| Trade debts | 44 | €550,113 | €563,077 | +€12,963 | +2.4% |
| Suppliers | 440/4 | €550,113 | €563,077 | +€12,963 | +2.4% |
| Taxes, remuneration and social security | 45 | €130,399 | €172,040 | +€41,641 | +31.9% |
| Taxes | 450/3 | €51,404 | €80,467 | +€29,063 | +56.5% |
| Remuneration and social security | 454/9 | €78,995 | €91,573 | +€12,577 | +15.9% |
| Non-recurring operating income | 76A | €2,639 | €27,500 | +€24,861 | +942% |
| Remuneration, social security and pensions | 62 | €415,601 | €487,340 | +€71,738 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,527 | €57,489 | -€116,038 | -66.9% |
| Other operating charges | 640/8 | €7,102 | €7,324 | +€222 | +3.1% |
| Gross operating margin | 9900 | €462,163 | €651,917 | +€189,753 | +41.1% |
| Operating profit (loss) | 9901 | -€134,067 | €99,764 | +€233,831 | |
| Financial income | 75/76B | €6,583 | €9,693 | +€3,110 | +47.2% |
| Recurring financial income | 75 | €6,583 | €9,693 | +€3,110 | +47.2% |
| Financial charges | 65/66B | €992 | €740 | -€252 | -25.4% |
| Recurring financial charges | 65 | €992 | €740 | -€252 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | -€128,476 | €108,717 | +€237,193 | |
| Income taxes | 67/77 | €669 | €25,461 | +€24,792 | +3,708% |
| Profit (loss) for the period | 9904 | -€129,145 | €83,256 | +€212,401 | |
| Profit (loss) for the period to be appropriated | 9905 | -€129,145 | €83,256 | +€212,401 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.